3D Systems has reported a strong increase in revenue with a 31 percent jump this quarter, with a 81 percent more printers sold during the same period. The company has benefited from increased spending in R&D and manufacturing despite some analysts saying that the 3D printing industry is over-hyped and there is little professional demand for prosumer level machines.

Shares in 3D Systems were up about 3 percent in trading on Tuesday which shows an encouraging upward trend against losses earlier in the year after President Obama hailed 3D printing as the next manufacturing revolution. Piper Jaffray analyst Troy Jensen says that the industry is capable of growing by more than 20 percent annually for the “foreseeable future”. (source Reuters).

Despite predictions that the industry’s stocks are overvalued, 3D Systems’ performance shows otherwise. Their revenue rose to $102.1 million in the first quarter, net income fell to $5.9 million, or 6 cents per share, from $6.2 million, or 8 cents per share, a year earlier. According to analysts at Thomson Reuters I/B/E/S it will earn 21 cents per share on revenue of $101.6 million.

Overall 3D Systems shares have risen 83.4 percent in the last 12 months, and they closed at $35.77 on the NYSE on Monday.